[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4191 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4191

  To amend the Federal Credit Union Act and the Small Business Act to 
    improve small business lending, improve cooperation between the 
      National Credit Union Administration and the Small Business 
                Administration, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2012

  Mr. Schrader (for himself and Mr. Chabot) introduced the following 
  bill; which was referred to the Committee on Small Business, and in 
  addition to the Committee on Financial Services, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Credit Union Act and the Small Business Act to 
    improve small business lending, improve cooperation between the 
      National Credit Union Administration and the Small Business 
                Administration, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Union Small Business Lending 
Act''.

SEC. 2. CREDIT UNION APPROVAL PROCESS FOR 7(A) LOANS.

    Not later than 180 days after the date of enactment of this Act, 
the Administrator of the Small Business Administration shall establish 
a dedicated process by which credit unions participating in the loan 
program under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) 
may receive approvals and repurchases regarding loan guarantees under 
that program. This process shall be distinct from that used by entities 
other than credit unions participating in that program and shall make 
use of existing agency resources.

SEC. 3. CREDIT UNION OUTREACH PROGRAM.

    Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is 
amended by adding at the end the following:
            ``(36) Credit union outreach program.--
                    ``(A) In general.--The Administrator shall carry 
                out a program to provide outreach and assistance to 
                credit unions for the purpose of increasing the 
                participation of credit unions in the 7(a) program.
                    ``(B) Simplified application process.--In carrying 
                out a program under this paragraph, the Administrator 
                shall take such actions, as appropriate, to simplify 
                the application process for credit union participation 
                in the 7(a) program.
                    ``(C) Annual report.--The Administrator shall 
                submit to Congress an annual report on the efforts made 
                by the Administration to increase the participation of 
                credit unions in the 7(a) program.''.

SEC. 4. CREDIT UNION LOAN GUARANTEE PROGRAM.

    Section 7(a) of the Small Business Act, as amended by section 3, is 
further amended by adding at the end the following:
            ``(37) Credit union loan guarantee program.--
                    ``(A) In general.--The Administrator shall carry 
                out a program to provide a guaranty of up to 85 percent 
                for loans made by credit unions to members of those 
                credit unions. To be eligible for the program--
                            ``(i) the amount of the loan may not exceed 
                        $250,000; and
                            ``(ii) the member must reside in an 
                        underserved area, or the business assisted by a 
                        loan made under this subsection to a member 
                        must be located in an underserved area.
                    ``(B) Definition.--In this paragraph, the term 
                `underserved area' means a geographic area consisting 
                of one or more population census tracts, that encompass 
                or are located within--
                            ``(i) an investment area designated under 
                        section 103(16) of the Community Development 
                        Banking and Financial Institutions Act of 1994; 
                        or
                            ``(ii) a low income community, as defined 
                        in section 45D(e) of the Internal Revenue Code 
                        of 1986.''.

SEC. 5. CREDIT UNION PARTICIPATION IN THE SECTION 504 PROGRAM.

    Section 107(5)(A)(iii) of the Federal Credit Union Act (12 U.S.C. 
1757(5)(A)(iii)) is amended by inserting ``, and applicable 
regulations,'' after ``specified in the law''.
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